Pretty much. Agree also that there is not likely any takeover....

Pretty much. Agree also that there is not likely any takeover. NZ Government would probably veto it and A2 doesn't fit very well into the portfolio of most of the major IF producers, since its very existence implies that there is something wrong with most of the coventional A1-containing IF they sell.

This uptrend started when China birth and marriage figures came in better than expected.

That has been the main thing weighing on the outlook, the company's actual execution has been very solid, at least in China which accounts for most of its business. It is so heavily weighted towards China and Chinese birth rates, it should not really come as a surprise that the slightest positive sign on that front would spark a turnaround.

I still don't like that it is so heavily dependent on those demographic trends though. Which underscores the need for diversification of product demographics and markets.